Fraudulent accountants dent profession’s reputation, says Saica as another member is jailed for R7m theft

Accountants convicted of stealing money, in some cases millions, from employers have a negative effect on the standing of the profession, South African Institute of Chartered Accountants (Saica) says as another accountant was jailed for theft.

Earlier this week, the Durban regional court sentenced accountant Zakariya Vahed, to 15 years’ imprisonment for stealing more than R7m from 2009 to 2019. 

Hawks spokesperson Captain Simphiwe Mhlongo said Vahed was found guilty of 93 counts of fraud. 

“He fraudulently transferred cash from the company’s bank account to his personal account. As a result, the company suffered a financial loss of more than R7m,” Mhlongo said.  

Saica said it had referred chartered accountant Mark Jonathan Vorster to its board to confirm the cancellation of his membership, after he was sentenced to six years’ imprisonment for theft, fraud and money laundering related to the temporary employee relief scheme (TERs). 

Vorster submitted fraudulent UIF claims on behalf of five companies that were using his services and received just under R900,000 from the fraudulent transactions. Hawks spokesperson Cap Lloyd Ramovha said Vorster has since been disbarred to practise as a chartered accountant in the future.  

Saica CEO Freeman Nomvalo told TimesLIVE the actions of a “small number” of their members negatively affected the standing of the profession. 

“In the circumstances, Saica conducts investigations and, where appropriate, disciplinary processes to ensure that the affected Saica members are held accountable for their actions on a fair and equitable basis,” Nomvalo said. 

Nomvalo said from 2016 to 2023, Saica suspended 18 members and 12 had their membership cancelled for breaching Saica’s bylaws and disciplinary code. 

“Saica has always and will continue to take the appropriate steps to ensure the chartered accountancy profession remains one of the most valued and respected professions in the interest of all our stakeholders, as well as society at large.” 

There have been several accountants and senior financial officers convicted of stealing money from private companies and the government in recent years, raising concerns of a dent in the profession. Companies, such as those in the insurance industry suffer damage due to millions stolen by corrupt staff. 

In March, Free State financial officer Mareli Vogel was convicted for stealing R2.5m through fraudulent transactions from 2014-2020. 

Last year, the Pretoria commercial crimes court convicted a former Synexus financial manager, Aaron Tshwane Matsei, for defrauding the company of more than R250,000.  

TimesLIVE also reported on the conviction of Nicholas Scholtz, an accountant who stole R4.1m from a Western Cape municipality in June 2021. 

In 2017, Cape Town chartered accountant Willem Roux Mouton was convicted of defrauding the Eastern Cape Development Corporation of R1.3m meant to boost a small business. He was sentenced to eight years in prison.